While there's no denying that lawyers are expensive, the good news is there are more ways than ever to keep a lid on costs.
Certainly if you run a fast-growing entrepreneurial company that plans to go public (or sell out to a big company) some day, you would need to work with lawyers whose names are recognized in the investment banking and venture capital communities.
Like doctors, lawyers are becoming increasingly specialized.
To request a search, visit this section of the ABA's website for more information.
Cost-Saving Strategies For many entrepreneurs, the idea of consulting a lawyer conjures up frightening visions of skyrocketing legal bills.
When you hire an attorney, draw up an agreement (called an "engagement letter") detailing the billing method.
If more than one attorney works on your file, make sure you specify the hourly rate for each individual so you aren't charged 0 an hour for legal work done by an associate who only charges .Someone who does mostly wills, house closings and other "non-business" matters is probably not a good fit for your business.At the very least, you will need the following sets of skills. You will need a lawyer who can understand your business quickly; prepare the standard form contracts you will need with customers, clients and suppliers; and help you respond to contracts that other people will want you to sign.2. You will need a lawyer who can help you decide whether a corporation or limited liability company (LLC) is the better way to organize your business, and prepare the necessary paperwork.3. Leases of commercial space--such as offices and retail stores--are highly complex and are always drafted to benefit the landlord.A nasty letter from a "powerhouse" law firm with offices in 30 states is a lot more intimidating than a nasty letter from a solo practitioner who is not admitted to practice in the defendant's state.Also, being connected with a large, well-established law firm may have intangible benefits--they may be willing to introduce you to financing sources or use their name as a reference when seeking partnership arrangements.Go to Find Law , for instance, and you have instant access to thousands of lawyers.You can search by city and state, and several results come up within the area you specify, with details of each firm's background, areas of practice, published works, attorneys on staff and so on.If a lawyer asks you for a retainer or deposit against future fees, make sure the money will be used and not held indefinitely in escrow, and that the lawyer commits to return any unused portion of the retainer if the deal fails to close for any reason.You should be suspicious of any lawyer who offers to take an ownership interest in your business in lieu of a fee.The reason for this is bluntly stated by a lawyer friend of mine: "Even though it's a transaction I've done dozens of times, if the other side's lawyer turns out to be a blithering idiot who wants to fight over every comma and semicolon in the contracts, then I can't control the amount of time I will be putting into the matter, and will end up losing money if I quote a flat fee." In such situations, you will have to pay the lawyer's hourly rate.You should always ask for a written estimate of the amount of time involved, and advance notice if circumstances occur that will cause the lawyer to exceed his or her estimate.